It doesn’t get much better than this.
HP, which has made tremendous efforts to incorporate sustainable business and manufacturing practices into its services and products, is seeing the good come back to them – in big bucks.
Nate Hurst, HP Inc.’s chief sustainability and social impact officer, calculated that nearly $700 million in new revenue was directly related to contracts or sales that listed sustainability factors as a major consideration.
“The business value that what we would call sustainable impact, and what others might call sustainability, is really delivering to the business,” Hurst told Green Biz. “This work, some of what I mentioned and additional work that you find in the report, it was a key differentiator for over $700 million in new revenue this past year. That’s a 38 percent year-over-year increase in sales bids with sustainability requirements.”
According to Hurst, this massive amount of new revenue comes from both contracts with companies with similar sustainability goals as well as sales to customers that are looking to be environmentally conscious when they purchase products.
Just how is HP Inc. practicing sustainable business practices? A better question would be how are they not. The company outlines it all in its latest corporate social responsibility report, and it ranges from recycled plastics in its manufacturing to millions of recycled ink and toner cartridges that have been collected and reused. The ultimate goal? Working with circular economic principles.
HP is also looking to partner with other companies in an effort to streamline the collection process and find even more uses for the recycled waste and plastics.
“If we can get other companies to come in, then obviously that will help with some of the equipment hurdles as well as driving more volume and demand for this reused plastic,” explains Hurst.